Russia Might Rollback Its Decision to Ban Bitcoin

ForexMinute.com – Already going through rough economic times, Russia is reportedly planning to rollback its decision to ban all sorts of cash equivalents, including cryptocurrencies like Bitcoin.

According to a report published on RT, Russia’s Ministry of Economic Development has shown concerns about the ban’s possible outcome, which could negatively impact the country’s major telecom operators, retailers and bank. As per the government body, the proposed ban lacks precision and literally leaves cash equivalents uncertain enough to handle their loyalty programs and marketing campaigns to attract new customers.

Russia, which is currently on the verge of economic collapse due to being bound by economic sanctions by the US, also needs to focus more on financial innovations rather than banning them. WebMoney Development Director Peter Darakhvelidze said:
“The proposed draft regulation act doesn’t solve any tasks assigned, but only serves to create legal barriers to the implementation of marketing programs of businesses and business development in general.”

After the response of the Ministry of Economic Development, the Ministry of Finance is likely to make some amendments to its existing draft, thus allowing alternate currencies like Bitcoin to breathe properly in a favorable environment. In a worst case scenario, they could even pass the exact same bill, thus creating difference in the parliament.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

With an upbringing rooted in deep ethical values, Yashu Gola knows how to put honesty and dedication into his articles. This young and dynamic financial analyst has done his graduation in IT engineering. His interests in financial writing have once brought him to our digital doorsteps. Since then, he has been an integral part of ForexMinute.com and writes the most captivating news-articles on the foreign exchange industry, cryptocurrencies, and medical marijuana trading.

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